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Cosmea-Piramal consortium pulls out of RCap resolution process
The New Indian Express
|December 21, 2022
IN a big setback to the insolvency resolution process of Reliance Capital, the consortium of Piramal Group and Cosmea Financial has pulled out of the bidding process citing significant changes in the contours of the process.
The consortium had submitted the highest bid of ₹5,231 crore in the initial phases of the process.
The lenders of Reliance Capital last week increased the base price which was earlier fixed at ₹5,231 crore - to ₹6,500 crore for e-auction to be held on Wednesday (December 21, 2022).
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